Enova Mining enters agreement to acquire potential world-class ionic clay REE project

• Enova Mining (ASX:ENV) enters into a binding option agreement with Rodrigo de Brito Mello to acquire a potential world-class district-sized ionic clay rare earth project
• CODA tenements are located in the mining friendly state of Minas Gerais, Brazil
• The geological features of the Coda project includes the Patos Formation, mainly consisting of kamafugite, an alkaline-ultramafic rock, enriched with REE
• The tenements are currently held by RBM Consultoria Mineral Eireli, with Rodrigo de Brito Mello as the sole owner.
• The option agreement grants Enova an exclusive 30-day due diligence period to evaluate the tenements
• ENV shares are up 43.3 per cent, trading at 4.3 cents at 12:15 pm AEDT

Enova Mining (ASX:ENV) has entered into a binding option agreement with Rodrigo de Brito Mello to acquire a potentially world-class, district-sized ionic clay rare earth project.

The CODA tenements are located in the mining-friendly state of Minas Gerais, Brazil, and hold significant potential for exploration of rare earth enriched ionic absorption clay (IAC).

“The company considers this the most advanced exploration land package considered so far… We expect the due diligence will confirm that the southern Coda tenements are potentially “walk-up” drill targets which will quickly evolve to a resource drilling campaign within several months of acquisition,” ENV Managing Director Eric Vesel said.

“Enova has already established a network of local expertise and support that will provide good grounding to operate in this progressive mining state.”

The Coda project features the Patos Formation, formed during the Upper Cretaceous period due to volcanic activity.

This formation primarily consists of kamafugite, an alkaline-ultramafic rock enriched with rare earth elements (REE). These rocks are soft, friable, and have a fine particle size, making them favourable for the exploration of ionic clay REE deposits.

The tenements are currently held by RBM Consultoria Mineral Eireli, with Rodrigo de Brito Mello as the sole owner. The option agreement grants Enova an exclusive 30-day due diligence period, starting from the date of the agreement and ending on March 20, 2024, to evaluate the tenements.

ENV shares were up 43.3 per cent, trading at 4.3 cents at 12:15 pm AEDT.